EliseAI Raises $350M at a $4B Valuation

EliseAI has raised $350 million at a $4 billion valuation, the company told Fortune. That nearly doubles the $2.2 billion mark from its $250 million Series E roughly 13 months ago.

The round

• Amount: $350 million, all primary capital, per CEO and cofounder Minna Song (Fortune).
• Valuation: $4 billion, company-reported via Fortune. Neither Fortune nor Bessemer names a round letter.
• Co-leads: Andreessen Horowitz and Bessemer Venture Partners, both existing backers, plus new investor Ontario Teachers' Pension Plan.
• Participation: existing investors Sapphire Ventures and Navitas Capital.

Fortune says this is the fourth time EliseAI has raised from a16z and Bessemer since 2023. Bessemer's post frames it as "doubling down."

The numbers behind it

EliseAI said it passed $200 million in annual recurring revenue in June. The company says that makes five straight years of revenue doubling year over year. Both figures are company-reported.

Bessemer says EliseAI now powers one in six apartments in the U.S. Fortune reports the same figure from the company, which also says more than 30 million Americans have interacted with the platform.

The pitch is priced against labor, not the software line item. EliseAI started with after-hours leasing inquiries and now covers the rental cycle from first inquiry through touring, applications, move-in, renewals, maintenance and collections. It runs a similar playbook for administrative work in healthcare.

Apollo

The raise follows the launch of Apollo, which Bessemer calls a universal property management agent. Instead of one agent per workflow, Apollo is meant to handle any task across the Elise platform. Bessemer's examples: flagging renewals at risk, diagnosing occupancy problems across a submarket, and walking maintenance technicians from a ticket to the root cause.

Use of proceeds

Per Fortune, the money goes to product development and to growing engineering, deployment and sales teams across North America. EliseAI also plans a second engineering hub in San Francisco. Its headquarters stays in New York, in the former Tiffany & Co. building on Fifth Avenue.

The takeaway: vertical AI that gets paid for completed work, not seats, is pulling growth-stage valuations that used to go to horizontal platforms. EliseAI's own figure of $200 million in ARR at a $4 billion price works out to about 20 times run-rate revenue.

Sources: Fortune (company-sourced), Bessemer Venture Partners, EliseAI newsroom.